When a Small Percentage Change in Price Causes a Large

question 30

Multiple Choice

When a small percentage change in price causes a large percentage change in the quantity demanded,we say that they have a:

• A)highly elastic demand.
• B)highly inelastic demand.
• C)low magnitude of response.
• D)high magnitude of response.

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Definitions:

Retro-

A prefix meaning "backwards" or "behind," used in various contexts including medical terminology to denote location or time.

Backward

Denotes a movement or action directed towards the rear or in reverse.

Ante-

A prefix meaning before or preceding in time or order.

Before

Prior to a certain time or event.